U.S. efforts to speed natural gas exports as a way to loosen Russia’s grip on European energy supplies may be thwarted by lengthy reviews and developer reluctance to proceed with multibillion-dollar projects.
While American workers struggle, investors are benefiting as expense reductions and record low borrowing costs drive profits and underpin a 167% advance in the S&P 500 over the past 57 months. To bulls, equities will keep rallying as long as the Fed remains more concerned about employment than inflation.
In the past when OPEC’s back has been against the wall, like the late-1990s, energy prices and demand rebounded to save them from the ash heap of history. Yet this time may be different. Why? Because OPEC is not the only game in town!